Financial Planning – Hazel Crest
The most popular misconception regarding financial planning is that it is centered on investing. Of course investing is a part of financial planning as one should make wise investment decisions, but there's much more to it. Financial Planning is the process of creating strategies to help you control your financial affairs effectively and meet financial targets. It's a holistic process that can help you make better decisions by turning vague objectives into concrete plans, giving a road map for action. Having a financial plan - and sticking with it - provides you with a true edge when it comes to planning your retirement and also other long-term financial and life goals.
Saving For Retirement and Your Child's Education - Hazel Crest
Often people say that they're saving for retirement or saving for their little one's education. They sound like distinct goals, however they are really quite vague. Financial planning can discover the important numbers - How much must you save and by when? If you aren't sure whether you'll have enough to live on post-retirement, it can create stress and anxiety. But once you know what you should do and that you are following the financial plan, it offers peace of mind and confidence. Whenever your situation changes from single to married, from renting to buying a home, having children or caring for aging mothers and fathers, financial planning will help you make better-informed decisions.
Certified Financial Planners - Hazel Crest
The majority of people don't have limitless resources. In such a scenario, Financial Planning through a Certified Financial Planner can provide advice on how best to make informed options and prudently use the restricted resources for attaining financial freedom. Say, if you have identified retirement and funding your child's education as your financial targets, but you only have Rs. 1,000 extra each and every year to achieve these objectives, a Certified Financial Planner will help you choose among your priorities. Whatever you decide, you'll have the peace of mind of knowing that a professional has reviewed your circumstances and that you're doing something positive for your financial situation. Financial planning provides a road map with an action plan that - if followed diligently - will take you where you want to go financially.
Missing the big picture is an issue seen too often with clients. If you're focused on the near-term rather than on much wider long-term implications, then you could end up impairing the accumulation of wealth. For example, counting on pre-tax returns for financial decision-making instead of knowing that various kinds of investments are susceptible to differing tax rates might be damaging for your financial wellness. A Certified Financial Planner can make you realize that the kind of investment you choose impacts the after-tax return. Bear in mind, it's not about the returns an investment generates; it comes down to the net income that comes in your hands. Many of you fail to realize the delayed tax implications on the foreseeable future nest eggs. It's pre-tax returns you are worried about and you fail to realize that there will be a drag on the ultimate amount of money you'll have because of the tax liability that's waiting for you.
Impact of Financial Planning - Hazel Crest
The influence of sound financial planning on overall financial well-being is multifold and multidimensional. Actually if you think of your financial life as a flywheel, with financial planning as the center, each of the various aspects of your financial life - like purchasing a house, saving for retirement, planning for your children's education, owning your dream car, debt management and so on - are spokes on the wheel. Once you start to make progress along each one of those spokes, you will start to gain traction overall, and you'll see your ability to understand your financial targets really begin to take off. Further, we all know that one of the greatest sources of stress and conflict in relationships is cash. Individuals and families who've mapped out a financial path enjoy greater well-being, fret less, sleep much better and have vibrant relationships.
Financial Planning can be a life process. Preferably, you need to meet a financial planner as early as possible in your lifetime and establish a long-term relationship. Then meet frequently to review the Financial Plan to make sure you're on track.
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